subject: Bin List In Stopping Shady Transactions [print this page] As you have established your online business, and customers are actually picking up, you need to prepare yourself for the worst, as a hacker or credit card scammer will come your way to ruin your business. It is a good thing that a bin list can be utilized to fight against these fraudsters that does nothing but take away what is not theirs. Despite that a bin list can be used at your disposal, you still need to assure that no transaction is undergoing a shady pattern, which may show questionable methods that may become potential fraud activities.
Bin List Can Be Used in Verifying Addresses
If you have encountered an account that has a different shipping and billing address, then you need to use a bin list to confirm if both addresses refer to the same individual. It may not be too obvious for you, but being safe with a bin list is better than being outsmarted by a suspecting hacker or scammer that may already walk away with the item for delivery.
Bin List Can Become a Backup from a Failing System
It cannot be avoided that there are certain occasions where electronic cart systems or buyout systems may malfunction where it may have been attacked by a hacker. In case the person abuses this opportunity to pretend as someone else, then using a bin list as verification backup can spoil their plan. A bin list can check on bank data and account data, which can work even if other onsite services are not functioning correctly.
Bin List Can Verify Customers with Ease
A bin list has access to information that can only be traced from a bank account. If you are able to bring up details that are only known by the customer, then it can be used as a verification method. Not only does a bin list work for data verification, it can also be used to analyze spending patterns that can identify fraudulent activities.
Bin List Can Be Used to Confirm Signups
You may not realize it, but there are certain websites that create initial charges during initial signup, which can help pinpoint if the individual using a credit card has done such process. With a bin list, you can check whether there are charges for signups. If they mention that they are members, but are not aware of the said activity, then you may use the bin list in opening grounds for fraud transaction.
Even though a bin list can be used in an online or offline business to cover most things when it comes to fraud and other scrupulous activities, it still helps if you, as the owner of the company, are aware of the most updated tactics and strategies that credit card frauds are working on. A bin list is indeed powerful for businesses that use credit cards, debit cards, and charge cards for their transactions. A bin list can even stop shady trades even before anything else happens that may become events of theft, loss, and chargebacks.
